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Biden warns of windfall tax on ‘war profiteering’ oil companies

Joe Biden Oil United States Ukraine Russia

US President Joe Biden makes a statement about gasoline prices and oil company profits in the Roosevelt Room as US Treasury Secretary Janet Yellen listens at the White House in Washington, US, on October 31, 2022. [Leah Millis/Reuters]

US President Joe Biden has criticised oil and gas companies for recording big profits after crude prices surged following Russia’s invasion of Ukraine.

Biden, speaking ahead of the November 8 mid-term elections, warned that if leading oil companies do not invest some of their profits to lower costs for American consumers, they could face a windfall tax.

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